Steel producer

Steel Dynamics

(STLD) - Get Report

said Monday that its board approved a 2-for-1 stock split, in the form of a 100% stock dividend.

The split will double the total authorized common shares from 100 million to 200 million shares. The company expects to distribute the additional shares on or about Nov. 20 to shareholders as of record Nov.9.

"This action by the Board is a clear indication of the confidence we have in our ability to continue driving growth and creating value for our shareholders by capitalizing on the exciting opportunities, both short- and long-term, that lie ahead," the Fort Wayne, Ind.-based company said.

The company's shares were trading down 38 cents, or 0.6%, at $60.80 Monday.

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